A TPBank transaction office in Hà Nội. — Photo vietnamnet.vn

Tien Phong Joint Stock Commercial Bank (TPBank) has received approval from the State Bank of Viet Nam to open new sites in eight cities and provinces in 2017.

Besides the approval to open a representative office in HCM City, TPBank is also allowed to open five branches and four transaction offices in Kien Giang, Bac Ninh, Nam Dinh, Quang Ninh, Nghe An, Binh Duong and Dong Nai.

According to current regulations, besides earning profits, complying with the central bank’s regulations on operational safety, and having non-performing loans of less than 3 per cent of the total outstanding loans, the minimum capital requirement for opening a new branch and transaction office in Ha Noi and HCM City is VND300 billion, and VND50 billion in other cities and provinces.

Experts said that the enlargement of the network was indispensable for banks during the ongoing increased competition. With the opening of new sites, it is easier for banks to attract depositors and borrowers, they said.

With the deployment of LiveBank models widely in early 2017, TPBank is the first bank in Viet Nam to apply this auto banking technology.

TPBank’s LiveBank is a new bank model used around the world. Some countries and territories such as Germany, Japan, Turkey, and Hong Kong (China) already use it. Singapore is the only one in Southeast Asia that uses this bank model.

TBBank has targeted a total asset of VND130 trillion and profit of VND780 billion for 2017. — VNS